Gold slips on weak global cues, muted demand

Gold slipped by Rs 50 to Rs 32,220 per 10 gram at the bullion market Monday amid a weak global trend and slackened demand from local jewellers. Silver also shed Rs 100 to Rs 39,500 per kg due to reduced offtake by industrial units and coin makers. Apart from a weak global trend, marketmen said, tepid demand from local jewellers and retailers at the domestic spot market, weighed on gold prices. Globally, gold fell 0.02 per cent to USD 1,227.20 an ounce, while silver was up 0.21 per cent to USD 14.73 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 50 each to Rs 32,220 and Rs 32,070 per 10 gram, respectively. The precious metal had gained Rs 45 in Saturday's trade. Sovereign, however, remained steady at Rs 24,700 per piece of eight gram. In sync with gold, silver ready slipped by Rs 100 to Rs 39,500 per kg while weekly-based delivery fell by Rs 36 to Rs 38,759 per kg. Silver coins, however, were unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.